Binance Faces $2.25 Million Fine, What's Next For BNB Price?

Binance, the world's largest cryptocurrency exchange, has been fined around $2.2 million for anti-money laundering activities.

Binance, the world’s largest cryptocurrency exchange, is facing a fine of around $2.2 million for anti-money laundering activities. The Financial Intelligence Unit (FIU) – India’s central agency for receiving, analyzing, and disseminating information related to financial transactions – said Binance was offering services to Indian clients without following the country’s anti-money laundering rules.

This decision comes after nine offshore exchanges were blocked in India for failing to register and comply with local regulations. The FIU Director, after reviewing Binance’s written and oral submissions and the available evidence, concluded that the charges against Binance were valid.

BNB Price Dropping Rapidly After News, Investors Booking Positions

The news of the fine has already instilled fear in investors, as evident from the sharp drop in BNB price from the last swing high of $721.64 to the current price of $574 – a decrease of around 20%. However, the BNB price is finding support at the ascending triangle, which it has used to rally twice before.

Investors are also booking their positions in Binance and looking for new opportunities, which is evident from a huge Near Protocol and DTX Exchange inflows.

Investors Are Shifting Focus to Near Protocol (NEAR) and DTX Exchange (DTX)

While many other cryptocurrencies have declined, even major ones like Bitcoin dropping below $60,000, Near Protocol shows strength during the market correction. From the swing low of $4.470, Near Protocol has increased by more than 15%, currently trading at $5.27 at the time of writing.

However, investors are concerned because this move came after a decline of nearly 47% from the top and could be short-lived. Near Protocol is a decentralized application platform that aims to make blockchain technology more user-friendly and scalable.

More money is being shifted by investors in new potentials like DTX Exchange (DTX), given the negative news in Binance and BNB price dropping over the week and Near Protocol facing a long-term bearish trend.

DTX Exchange is a decentralized trading platform where you can trade cryptocurrencies, forex, equities, and contract-for-differences (CFDs). With advanced infrastructure and innovative features, DTX offers traders unmatched trading opportunities and also, and DTX will be the first major exchange to offer 1000X leverage without any KYC requirements.

DTX aims to become a top player in the market, outpacing big exchanges like Binance. Currently, DTX tokens are in the second stage of presale, priced at $0.04 each. This is a 100% increase from the first stage. In the next stage, the price will rise to $0.06.

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